In line with the decision taken by the Board of Directors of the Social Security Institution (SSI) on May 30, 2024, significant changes have been introduced regarding the postponement and installment of SSI receivables. These amendments reorganize the process of assessing the financial situation of borrowers requesting deferment and linking their debts to a payment plan.
First of all, it is stated that the financial situation of borrowers should be determined according to their liquidity ratio. The formula “Current Assets – Inventories / Short-Term Foreign Resources” will be used for debtors who keep books on a balance sheet basis, and the formula “Cash + Bank + Short-Term Receivables / Short-Term Liabilities” will be used for those who keep books on a business account basis. These determinations will be made by independent accountant financial advisors or certified public accountants and will be documented with a very difficult situation report. For publicly traded companies, the balance sheets submitted to the Capital Markets Board will be taken as basis.
For debts that do not exceed TL 500,000 on the basis of debt type, the liquidity ratio will be calculated based on the financial statement form. If the liquidity ratio is 1.00 or less, the borrower will be considered in a very difficult situation and the debts will be tied to the payment plan. If the liquidity ratio is 1.01 or above, postponement requests will be rejected.
The first installment payment has been determined as at least 10% of the total debt amount and the postponement process will start with the payment of this payment. If the current month’s premiums are not paid three times in a calendar year, the postponement will be canceled.
In the regulation made for debts deferred within the scope of force majeure, it is emphasized that an application must be made before the end of the postponement period. In addition, it is stated that some circulars and letters have been repealed.
These new regulations will be effective from the effective date of the circular and will not apply to postponement requests that have already been received but not decided.
These changes are expected to allow for a more precise and fair assessment of debtors’ finances. This step of the SSI aims to provide sustainable debt management by taking into account the payment capacities of the debtors.
